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COMMITMENTS AND GUARANTEES (Tables)
 3 Months Ended
Apr. 02, 2022
Commitments and Guarantees [Abstract]  
Assets And Liabilities, Leasee The following is a summary of the Company's right-of-use-assets and lease liabilities:
(Millions of Dollars)April 2, 2022January 1, 2022
Right-of-use assets$420.1$426.0
Lease liabilities$430.5$439.1
Weighted-average incremental borrowing rate
3.4%3.5%
Weighted-average remaining term
6 years6 years
Financial Guarantees The Company’s financial guarantees at April 2, 2022 are as follows:
(Millions of Dollars)TermMaximum
Potential
Payment		Carrying
Amount of
Liability
Guarantees on the residual values of leased assets
One to five years
$89.6 $— 
Standby letters of credit
Up to three years
165.7 — 
Commercial customer financing arrangements
Up to six years
69.5 8.7 
Total$324.8 $8.7 
Changes in carrying amount of product and service warranties
The changes in the carrying amount of product warranties for the three months ended April 2, 2022 and April 3, 2021 are as follows: 
(Millions of Dollars)20222021
Balance beginning of period$134.5 $107.9 
Warranties and guarantees issued39.6 36.3 
Warranty payments and currency(38.0)(41.3)
Balance end of period$136.1 $102.9